The Rise of CoinEx Smart Chain (CSC): Building a DeFi Ecosystem
In the crypto world, competition between public chains is always a hot topic. Over the past year, public chains made great progress. In addition to the strong performance delivered by the long-standing chains, new chains have also done well. In particular, CSC has stood out from its rivals thanks to its unique CPoS consensus mechanism. Today, we will explore this new public chain in more detail.
Built by CoinEx, CSC aims to build a decentralized, efficient financial ecosystem that’s friendly to both users and developers. As an EVM-compatible chain, CSC seeks technological innovation and has created a consensus protocol named CPoS by combining PoS and PoA (a block generation mechanism), enabling improved efficiency and low fees.
Within just six months since its inception, CSC managed to attract a wide range of on-chain applications, covering popular categories such as DeFi, blockchain tools, NFT, and GameFi. The prosperity of CSC is backed by its high-performing ecosystem and diversified ecosystem operations. For developers, a simple, efficient and low-cost development environment is fundamental. CSC is compatible with EVM, which allows Ethereum developers to migrate and build applications on CSC and contribute to the ecosystem. Furthermore, an enabling ecosystem also promises satisfying project experiences, thus bringing more users to the CSC ecosystem.
An all-new consensus, improved efficiency, and low fees
Transaction fees and performance have always remained at the center of the race between major public chains. In light of problems such as network congestion, expensive gas fees, and poor scalability on Ethereum, many of its competitors have expanded their influence since last year, which has made the smart contract market more competitive.
Although CSC is based on EVM, to create an efficient and low-cost public chain, CSC not only uses PoS as the underlying consensus mechanism but also tapped into the PoA block generation mechanism, enabling up to 101 permissionless validators.
On CSC, CPoS leverages the advantages of PoS and validates transactions through 101 validators. Compared with PoW, PoS reduces, to a certain extent, the amount of resources consumed by computation, and its performance is also superior. Additionally, PoA is also used to set requirements for the 101 validators — All CSC validators must stake at least 10,000 CET. Such a double consensus mechanism has optimized the consensus layer and made CSC extremely efficient and cheap to use (transaction fees of less than 0.01 USDT). In simple words, it is significantly easier to deploy applications on CSC, allowing developers to build on-chain applications efficiently and with low costs.
Under CPoS, block rewards on CSC are fully distributed to the recipient address set by validators, which means that no block rewards will be given to regular stakers. As a regular user, if you wish to stake cryptos on CSC, you can participate in stake mining through IFPool, which features functions such as CSC staking, IFT staking dividends, etc. With IFPool, you no longer have to run commands, but just vote and stake cryptos via CSC nodes directly through MetaMask. Moreover, IFPool staking will generate real-time benefits, which can be withdrawn at any time.
Click on the link to find out more about how to stake cryptos on CSC: https://coinexsmartchain.medium.com/csc-how-to-become-a-csc-validator-fb42ecd55b2d
An open ecosystem with a wide range of applications
Committed to its original principles of openness, transparency, and easy operations, CSC has been fully compatible with smart contracts on ETH, BSC, and HECO on day one, making itself more developer-friendly. Moreover, the public chain is also fast and cheap to use. Today, CSC-based applications are thriving. Many outstanding new projects are now successfully deployed on CSC thanks to the support of CSC’s 10-million-dollar fund. Backed by the CoinEx ecosystem, CSC has evolved into a powerhouse of innovative projects in promising categories. In the future, the public chain will partner up with more diversified projects and build an open, transparent environment for promising developers — an all-new ecosystem for tech development and app promotion.
